# AIV: Mt Hogan Gold Project Resource Increase Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/aiv-mt-hogan-gold-project-resource-increase--9894925b-630a-4083-b8c1-92a75e56cc75 Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03153993 Publisher: asx Original announcement: 2026-10-19T00:45:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-10-19T01:02:42.156Z Atlas analysis updated: 2026-10-19T01:02:42.156Z - Company: ActivEX Limited - Ticker: AIV - Exchange: ASX - Region: Queensland - Primary commodity: Gold - Secondary commodities: Silver, Copper, Bismuth - Document categories: Resource update - Extracted: 2026-10-19 01:02:42 UTC Narrative sentiment: 0.70 · Bullish ## Minestarters Atlas summary ActivEX Limited announced a significant increase in the Inferred Mineral Resource Estimate for its Mt Hogan Gold Project, now totaling 9.8 Mt at 1.28 g/t Au for 403,000 ounces of contained gold. This updated estimate, which incorporates recent drilling and historical mining depletion, represents a 30% increase in contained gold compared to the previous estimate. While the resource remains entirely in the Inferred category, the company plans further work, including metallurgical and sampling testwork, to improve confidence and advance the project. Reasoning: ActivEX Limited reported a substantial 30% increase in contained gold for its Mt Hogan Gold Project, driven by a 15% increase in tonnage and a 13% improvement in grade. This update, incorporating new drilling and historical depletion, significantly advances the project's scale. However, the resource remains entirely in the Inferred category, with several noted limitations regarding data quality, grade continuity, and the need for further metallurgical and sampling testwork. - Positive factor: Significant increase in contained gold \(30%\) - Positive factor: Increase in tonnage \(15%\) and grade \(13%\) - Positive factor: JORC 2012 compliant - Positive factor: QP/CP signed - Positive factor: Historical mining corroborates high-grade, nuggety character - Positive factor: Scoping study supports reasonable prospects for eventual economic extraction - Positive factor: Mineralisation remains open along strike and down dip - Positive factor: Potential for silver, copper, and bismuth as byproducts - Negative factor: Entirely Inferred Mineral Resource - Negative factor: Pure-nugget grade continuity implies high variability - Negative factor: Unrecorded RC sample recovery - Negative factor: Unquantified assay precision \(no field duplicates, lab repeats, umpire assays\) - Negative factor: Assumed bulk density \(single value, no weathered zone data\) - Negative factor: Local block estimates not suitable for mine planning - Negative factor: No metallurgical testwork by current owners - Negative factor: Historical workings depletion based on georeferenced plans with +/-15m confidence - Negative factor: QAQC: one CRM biased +9% with undocumented failure actions Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 2 ## Classification and evidence **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document announces a revised estimate for an existing resource, superseding a prior one. Evidence · text > The present estimate supersedes the Inferred Mineral Resource reported for Mt Hogan by Auspin Exploration and Drilling Pty Ltd in June 2025 **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The resource estimate is classified entirely as Inferred, indicating a speculative category with limited drilling and assumed geological continuity. Evidence · text > JORC Compliant Inferred Mineral Resource Estimate of 9.8 Mt @ 1.28g/t Au for 403,000 ounces contained gold **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: Tonnage has increased by approximately 15% compared to the prior estimate. Evidence · text > tonnage has increased by approximately 15% **Grade Improvement** Polarity: positive Definition: Average resource grade improved vs prior estimate — better deposit economics. Why it applies: Average resource grade has improved by 13% compared to the prior estimate. Evidence · text > grade by 13% **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: Contained gold has increased by 30% compared to the prior estimate, reflecting true scale improvement. Evidence · text > contained gold by 30% **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The resource estimate is explicitly stated to be JORC Compliant. Evidence · text > JORC Compliant Inferred Mineral Resource Estimate **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: Mr Andrew Dawes, a Competent Person, is named and has signed off on the estimate. Evidence · text > Mr Andrew Dawes, a Competent Person who is a Member of The Australasian Institute of Mining and Metallurgy and a Member of the Australian Institute of Geoscientists. **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: The cut-off grade used for resource reporting \(0.3 g/t Au\) is clearly stated. Evidence · text > at a cutoff grade of 0.3g/t Au **All Inferred** Polarity: negative Definition: 100% of resource is Inferred category — very early stage, no engineering confidence. Why it applies: The estimate is classified entirely as Inferred, indicating a very early stage with no engineering confidence. Evidence · text > The estimate is classified entirely as Inferred **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: The resource estimate is supported by a Scoping Study, which is an early-stage economic assessment. Evidence · text > Reasonable prospects for eventual economic extraction are supported by the Mt Hogan Scoping Study \(effective 15 July 2025\) ## Extracted facts Stored fact records: 2. Some facts used in scoring do not have a stored record. ## Resource Estimates (2) ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aiv-mt-hogan-gold-project-resource-increase--9894925b-630a-4083-b8c1-92a75e56cc75#fact-resource-facts-0) Mt Hogan Gold Project · gold #### Identity - Project: Mt Hogan Gold Project - Commodity: gold - Region: australia\_qld - Reported Region: Queensland - Ticker: AIV #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Andrew Dawes - Resource group id: resource:28541c2f023d15e80101 - Deposit or zone: Mt Hogan - Mining method: combined - Material type: mixed - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 9800000 - Grade: 1.28 - Grade Unit: g/t - Contained Metal: 403000 - Contained Unit: oz - Cutoff Grade: 0.3 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-08-25 #### Metal Equivalent - Assumptions Disclosed: No #### Lab - Laboratory: ALS Townsville #### Location - Easting: 793472 - Northing: 7876508 - CRS: MGA94 Zone 54 - EPSG: 28354 - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The updated Inferred Mineral Resource shows a substantial increase in contained gold, tonnage, and grade, indicating positive project evolution. However, the resource remains entirely Inferred with several data quality and continuity limitations noted. - Positive factor: Significant increase in contained gold \(30%\) - Positive factor: Increase in tonnage \(15%\) and grade \(13%\) - Positive factor: JORC 2012 compliant - Positive factor: QP/CP signed - Positive factor: Historical mining corroborates high-grade, nuggety character - Positive factor: Scoping study supports reasonable prospects for eventual economic extraction - Positive factor: Mineralisation remains open along strike and down dip - Positive factor: Potential for silver, copper, and bismuth as byproducts - Negative factor: Entirely Inferred Mineral Resource - Negative factor: Pure-nugget grade continuity implies high variability - Negative factor: Unrecorded RC sample recovery - Negative factor: Unquantified assay precision \(no field duplicates, lab repeats, umpire assays\) - Negative factor: Assumed bulk density \(single value, no weathered zone data\) - Negative factor: Local block estimates not suitable for mine planning - Negative factor: No metallurgical testwork by current owners - Negative factor: Historical workings depletion based on georeferenced plans with +/-15m confidence - Negative factor: QAQC: one CRM biased +9% with undocumented failure actions Evidence · text > JORC Compliant Inferred Mineral Resource Estimate of 9.8 Mt @ 1.28g/t Au for 403,000 ounces contained gold at a cutoff grade of 0.3g/t Au completed by AHD Resources effective 25 August 2026 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aiv-mt-hogan-gold-project-resource-increase--9894925b-630a-4083-b8c1-92a75e56cc75#fact-resource-facts-1) Mt Hogan Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Mt Hogan Gold Project - Commodity: gold - Region: australia\_qld - Reported Region: Queensland - Ticker: AIV #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Lidbury, B. - Resource group id: resource:c2da0ac87a80c213980f - Deposit or zone: Mt Hogan #### Resource Data - Category: inferred - Tonnes: 8500000 - Grade: 1.13 - Grade Unit: g/t - Contained Metal: 310000 - Contained Unit: oz - Cutoff Grade: 0.3 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2025-06-01 #### Metal Equivalent - Assumptions Disclosed: No #### Location - Easting: 793472 - Northing: 7876508 - CRS: MGA94 Zone 54 - EPSG: 28354 - Loc. Confidence: medium #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-07-21T00:00:00.000Z #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: This is a historical maiden resource estimate that has been superseded by the current, larger estimate. It provides a baseline for comparison but is no longer the most current information. - Positive factor: Maiden resource estimate established a baseline for the project - Negative factor: Entirely Inferred Mineral Resource - Negative factor: Superseded by a more recent estimate - Negative factor: Not depleted for historical mining Evidence · text > The Maiden Resource Estimate of 8.5 MT @ 1.13g/t for 301,000 ounces contained gold had previously been reported to the market \(ASX Announcement 21st July 2025\). #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.